How do I stop anxiety over paying taxes?

[Thatdude]

So I'm extremely low income and live with my family. I tried my hand in crypto and I think in total I will owe at the end of the year around $600-$800 in capital gains taxes between state and federal. I doubt I will owe anything on my income taxes because I am that much of a low earner.

I do have the money to pay for it, but it will eat a chunk of it. I might be able to get my mom to help pay for it, but as a 30 something year old it sucks.

Currently I'm switching my stuff to long term holding because federally if you make less than $40k long term (selling after a year) then it's a $0 tax. While my state is still 5.5%.


Anyways, any time I think about this stuff, how would I pay for bills when my parents die, or anything like that my anxiety shoots through the roof. And the more I look at maybe it is just worth shooting myself in the head if the rest of my life will end up coming down to taxes, bills, and anxiety. Other than somehow getting a shit ton of money to hire accountants to help take away this anxiety. Does anyone know of some good solutions around this?

I'm autistic and I asked recently on some autistic places if other autistic adults are like this and it seems to be common. But as far as normal people and those on here, is it common for you to get like this?

 

[Darkover]

fuck the system no one is more enslaved than a slave who doesn't think they're a slave

 

[oliviahurts]

I find this stuff stressful too. My father was an accountant who was obsessed with money. He would give me money and then punish me if I didn't cash the cheque, didn't invest it right or spent too much of it. Eventually I sold all my investments and gave almost everything to my mother who needed it to pay rent and get a divorce lawyer. That's one way of dealing with anxiety.

Another way is to realize that money is fictitious. Since the dollar and the pound aren't backed by anything real like gold, the government can on a whim print more money or issue bonds and then print money to pay for those bonds. Or issue bonds then issue more bonds to pay for those bonds. It's the world's biggest ponzi scheme. And if things go tits up, you can always declare bankruptcy and reset to 0. Realizing that might not change your attitude at all, but for me it helped break the notion that life is about accumulating money. And your credit score is how the financial world sees you but honestly doesn't matter unless you're trying to spend above your income. How could something fictitious be more important than real things like emotions, friends, family or whatever you value.

The last thing I have to say is on a more practical side, you seem to know how much you'd have to pay. So keep aside that money in your account for april. If possible set up an alert on your account when it gets close to that amount, then you know you need to spend a lot less. you could see how much you've spent over the past few months and extrapolate to see if you're on target.

 

[mandyjohnuk]

How low is low when it comes to an income. I am sadly unemployed and receive only £75 weekly in benefits.
Food and bills and then nothing left. It's a nightmare.

 

[irememberinnocence]

I'm autistic too and I totally get how you feel. Financial anxiety affects me really badly too. I don't believe it's worth killing yourself over, if you want my opinion. There are ways of managing it. Even if you have to pay crypto tax, look on the bright side that you still made some money from it. I am doing crypto as well. I do strongly recommend an accountant but you might be able to find one for free through a budget service. I now have a free accountant for my sporadic self employed income. She won't help me with the crypto because that's not her speciality. But my point is she has given me some financial advice on record keeping etc and helped make things clearer. I'm not going to pretend it's easy. Personally I have to deal with the welfare department as I'm disabled. I live in constant fear of having my payments arbitrarily stopped because then I would be destitute. But I've also learned a lot of skills in standing up to them and demanding what I'm legally entitled to. You learn along the way.

 

[Zaz]

Not having problem with paying taxes but making enough for to ensure a decent existence